Another set of eyes on this 16 Unit Deal

[Joshua Uelmen]

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Hey everyone, I'm looking at a 16 unit deal right now outside of Oshkosh, Wisconsin.  15 Units are rented at $400 and one of them (onsite manager) is rented at $375.  There are 2 - 8 unit buildings and all of them are 1/1.  With some updates rents could be pushed to $475.  For the area and rent my property manager suggested a reasonable price would be $450,000.  The long wall of 1 building is deflected about 4-6" from top to bottom (top pushing in).  The 4 external concrete stair wells need to be repoured as well.  Due to this my property manager suggested $410,000 would be a safe offer to start with the intent that we could counter to $425,000.  

I have a few items I'd like some input on for this deal. To start I'm concerned with the concrete work that would need to be done within a few years especially since the cash flow would be put towards repaying the HELOC I would use for the down payment. Secondly, I have no information on the lease terms as of yet. The realtor I am working with tells me we should make the offer now contingent on the foundation inspection and the lease audit. This feels backwards to me but I haven't done a commercial deal as of yet. It may be my engineer background getting the best of me but wanted to see what you guys thought.

Thanks in advance for your input!